Most of the time "direct lenders" will offer you the best loans at the lowest cost. A mortgage broker is nothing more than a middle-man and they can’t make any real loan decision. All they do is shop your loan around the country until they find a some lending institution to buy it, which is usually a "direct lender".
There is now a group of brokers, called Upfront Mortgage Brokers (UMBs), who quote a fee for their services upfront. Since the fee is fixed, the borrower is protected against all the tricks of the mortgage broker trade. UMBs are listed here. UMBs act as the borrower’s representative in shopping for a loan.
You may discover that you don’t like your lender Here’s more about the pros, cons and ethics of applying with more than one mortgage lender. Why you should apply with more than one mortgage lender Okay, you should shop for mortgage financing because you don’t want to leave money on the table – especially your money. Got it.
Theres no reason why you cant apply for two mortgages at once. There might be a bit in the application that will ask if you have, or intend to apply for another mortgage while this one is going through. The lenders may not like it if you are applying for two mortgages at the same time, but you can definately do it!
While it is good business to speak with more than one lender while shopping around for the best rates and closing costs, it is best to settle on one lender at some point. I don’t know many realtors who would allow you to do this while working with them. If all you’re trying to do is get the best bang for your buck, then do that.
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If you apply for a mortgage with several lenders within the space of a few weeks, the credit bureaus report the inquiries as one hard hit. Your score doesn’t suffer if you submit several mortgage applications within this time frame, although it does drop further if you also apply for a different type of credit product such as an automobile loan.
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